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$5.6 Million Double Spent: ETC Team Finally Acknowledges the 51% Attack on Network

The Ethereum Classic (ETC) blockchain network lost $5.6 million to one miner following a 51% attack initially thought to be a chain split. During the attack, the offending miner managed to double-spend 807,260 ETC ($5.6 million) after spending 17.5 BTC or $200,000 (at time of writing) to acquire the hash power for the attack. The ETC team initially issued a statement advising its clients to halt interactions with the network while corrective steps were taken. At the time, one of the developers at ETC, James Wo insisted the event “was not a 51% attack” while stressing that the “offending miner…

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